Bain Capital-backed Fedrigoni acquires Ritrama

The vendors are the founding Rink family, who will retain the North American division of the company.

The deal was financed by Fedrigoni with a mix of equity and debt, and gives Ritrama an EV of around €250m.

Ritrama is the second add-on made by the company since it was acquired by Bain and follows its purchase of speciality paper company Cordenons, acquired in May 2018.

Fedrigoni specialises in the production and sale of speciality paper and self-adhesive items. The company, founded in 1888 and headquartered in Verona, employs 2,700 people, has 14 facilities located in Italy, Spain, Brazil and the US, and distributes its products in 128 countries worldwide. It generated EBITDA of around €135m from revenues of €1.2bn in 2018. Following this second add-on, Fedrigoni expects to reach revenues of €1.6bn in 2019.

Previous funding
Bain Capital acquired a majority stake in Fedrigoni in December 2017 for €650m, which equated to 4.8x the company's 2017 EBITDA. A supporting debt package was provided by BNP Paribas, HSBC, UBI Banca and KKR, which were joint bookrunners on the deal. Bain deployed capital from its Europe IV fund to finance the acquisition; the vehicle held a final close on its €3.5bn hard-cap in October 2014.

Company
Headquartered in Caponago, Ritrama specialises in manufacturing adhesive items, including labels and paper. The company employs 1,100 staff across six production facilities located in Italy, Spain, the UK, Chile and China, with 10 distribution centres in South America, Poland and South Africa. It generated revenues of around €400m in 2018.

People
Bain Capital – Ivano Sessa (managing director).

Advisers
Vendor – Tamburi Investment Partners (corporate finance); Martinez & Novebaci (legal).
Acquirer – Rothschild & Co (corporate finance); Latham & Watkins (legal); Pirola Pennuto Zei (tax); PwC (financial due diligence).

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